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tv   Closing Bell  CNBC  August 31, 2012 3:00pm-4:00pm EDT

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tie tears rate. >> thank you, have a very safe and happy long weekend. sandy crying? >> from the "closing bell" gang, we worked with sandy many years, we wish you well with the new venture, and may jr. drives in golf straighten out some day in i may say so. welcome to "closing bell," ben bernanke speaks, the markets are up, but the bulls are not completely wowed. >> they did listen, but did they get everything they wanted at this time. some say the fed chairman did make enough of a case for more monetary stimulus. others are saying they stopped
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short. what is clear is that the they still had concerns and it's still very cautious, and that's why we're seeing the dow in a wide range today. it's generally higher but has been pretty volatile in this session. it was higher in the opening and it's gone sideways since that time. the dow, as you see, up 100 points at 1399, gain of three quarters of a percent. >> when you look at gold and the dollar, everything is definitely -- >> yes, the s&p is up 8.5 points at 1407. where do the markets go for here as the fed effect starts to ware off. september may be a pretty good
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start. check out the returns for the s&p during election years going back to 1928 and they look very similar here. if the trend continues, we could be setting up for a year with rallies. >> joining me now is jeff sought, and lee munson. lee, i read your comments about bernanke's speech. you loved it, he gave a little part of himself, what do you mean? listen, i'm probably like you. he came up and said near the end, i used to be a young guy, and we had theories, and now i'm running the show. i don't have any experience extest for the last few doing
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this. this is the grand economic experiment. he is clear he will do qe, and he is clear this will have unintentional consequences. >> who was more confusing, bernanke or clint eastwood? >> i'll leave that to the viewers. quite frontly. it's time to get back to basics and uncle same has to leave us alone as let business take over. the changing of the guard that is coming in a big way is the most bullish thing we seen in six years. >> are you talking about the coming presidential election or that bernanke will be gone and some are looking at this speech as a way to defend himself to whoever gets the new job? >> it's a thankless position. he's done a great job, he kept
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us from the depression, but it's time to let the boys on capitol hill do their job. i think the head of the fish is what stinks. you have leadership and you deal with the issues at hand, and somebody's ugly economic statistics will pass. >> you never know what bill is thinking. >> matt mccormick, what about this market? we had a good summer time, heading into fall, what are your expectations? >> we expect more volatility, not less. next week you have the dnc convention, the fed meeting on the 13th, the german high court meeting, so many market moving events that we have not seen and you will see a pick up of not only the vix but volume. it's choppy going is into the election. once the market gets an idea of who will win you can see a move, but it's something i think it's
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time to expect choppiness and high quality dividend paying stocks. >> jeff, i can't help but think we're back to this rally situation, did we not get another signal so if the economy goes south, bernanke is there, and if the market goes higher -- it's higher either way, what do you think? >> i think his change in the wording to will provide additional stimulus shows that he is willing, if the economy continues to soften in here to provide some kind of policy change. but all you had to get right this year is the chart from my friends at bespoke. they are squared and the correlation is about 98%. >> but we're -- i love those guys over there too. we're in completely uncharted waters. the fed governor said today
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these are absolutely nontraditional. there is nothing like it, and he said i will print money to jack up the dow jones. i don't see how we're in a gray area. >> bill, so you hints that you don't want him to do it. what he will do and what you want had him to do are two very different things. how do you invest based on what you think he's going to do. >> you have to get up and real estate we're in very dangerous times, and you have to go looking for trouble. you will no earning anything on the sidelines. you're going to pay up. >> give us an example. >> real estate, there will be housing three years from now, go out and buy real estate,
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opportuni opportunities in hotels. we just bought a hotel, and it's at a huge discount. on the beach, world class, lots of opportunity. whole companies, part of a company, but to do nothing is wrong. >> jeff, what would you do here? >> i think you will make a trading peak. i think you get a bull back into the mid to late part of october, and then i think you rally after the election no matter who is elected. >> what will you buy? >> i think you're going to get smarter false makers and more productivity. i think the surprise is -- >> but what do you buy? >> companies like i have been talking about on this show for like three months now, the stock is up big and we think it goes
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higher. >> that is so optimistic, why? >> i lived in the beltway, and everybody i talk to knows we're on an unsustainable path. >> but you using logic and you need more volatility, not less. nobody knows, what happens if you do qe 3, why will it be great, i think you have to -- >> we're near the highs for the year. the stock market is considering what we have seen in europe, everything that's gone on, the stock market had a good year. >> that's right. >> that's okay, but it can get bad quickly. america retired that. >> you can't count on politicia politicians. >> count on the fed every time. you can go below and be at 1.5, and the fed will generally
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print. we don't have clients buying large scale hotels, but our largest position is a real estate investment trust. we like it from van guard. our lowest rates are -- >> i think we have the begins of a reality show here. four of them here, we could make this work. >> bill, i think you could be on mystery science theater. thank you for joining us today. stocks rallying into the close this friday before the weekend. amanda drury is here, and i think you made sandy cry. >> yes, a big cry fest. i want to show you some of the big moving stocks. a nice little rally here. but i want to show you one of the biggest gainers we have seen today and that is saic, it reported a drop in the second
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quarter profit, but the key here is it will split it's business into two independent companies. investors liking that news. splunk, interesting name, up by 13% here. really soaring. sales just keep on growing, and the ceo was on cnbc earlier today saying his firm is creating a new category. on the other side, let me show you a stock really sinking, it's earning also dropping. it did issue weak guidance. let's move away from stocks and look at some of the sectors here and do an end of the month tally here of the winning and losing sectors. they were those with more of a risk on flavor. things like it, financials,
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materials, and energy. for the losing sectors, the defensive stocks. get the idea, a lowe rotation goig here. and utilities have been down by 5%. those are some of the things going on. >> thank you, there is 49 minutes before the closing bell. >> the market is falling off. >> i would like a triple digit friday. >> the tradition is, going back to 1928, the day before the labor day holiday is usually a very big day for the market. it's up, but it was up more earlier. keep it here because anything could happen as we get started on this special friday edition of "closing bell." coming up, having a sit down. rumors abound that apple is
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engaging in peace talks with google. is this a sign their cutting out distractions and getting back to business? and box score, our in-depth score of the runs, hits, and errors of ben bernanke's big speech. and careful what you wish for. subpoena a romney ryan win in november bad for wall street? [ male announcer ] it's a golden opportunity to experience the ultimate expression of power... control. [ engine revs ] during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. insulifreestyle lite can. on shelp youutest easy.odels. they need a third the blood of onetouch ultra. zipwik tabs target the blood and pull it in. call now for free strips and a meter.
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45 minutes left in the trading session. if you want to see how the market is finishing out the week, it's been a volatile day. the dow on course for the tenth monthly rise right now with a because gain of 72 points, but it was up to 100 points a couple times today. chairman bernanke says they're
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ready to give the economy a booster shot if t needs it. materials on track for the highest close in a week. in the meantime, apple has that heating patent war and it may be on hold for now. they beat samsung in a lawsuit earlier in the week, and now there are reports saying apple is soholding secret talks with google to hammer out differences over iphone. they have been discussing a range of issues including copy right infringe mmt and more discussions are expected to continue. >> let's ask our guests if this is true and what's behind it, brian, do you believe these talks about a set of peace
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talks, and why now? >> i believe it's likely they're talking about it. i think it makes sense for each company to avoid what could be five years of legal warfare. they can hammer out an agreement rather than face a patent war that could go on forever. it's not just apple with a lot to patents. google purchasing motorolas gives them a lot too. >> how much of it is a function of personalities involves. you have larry paige and tim cook, and there's no animosity there. is that why they're copping together to iron out differences. >> i hope so, we saw an exit
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move with jobs there. i think apple needs to back off the aggressive footing, patent wars are bad for everybody but the lawyers and apple has the most to lose from a prolonged strug that can ang tarnish names in the consumer space. >> i agree with that. tim cook is a much gentler ceo than steve jobs and i think he wants to put it to rest if he can. >> the reason this is happening now is these two companies have different ceos? >> it's part of it, they're down the street from each other. and these guys are friends, they have been working together for a long time and i think they prefer to have a good working relationship. it's the same with samsung. they still supply a lot of chips to apple.
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i think they would prefer a good working relationship with they could. >> and i think apple is trying to keep from losing. they're a littleless backed to the wall there. i think both parties need a deal here, and neither of these parties genuinely benefits going forward. in addition i think we know the patent war will only be good for patent lawyers and trolls and sooner or later, cooler heads prevail. they are the most likely to be maimed by a -- >> are we overdoing tit though? they're still going to continue competing, right? >> yes, the next version of the
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apple operations system they extracted out google maps and youtube. so to the earlier point, i agree. it just makes sense if they can stay out of the courts. they both have a big arsenal . i think if they can avoid this, they will. >> gentleman, interesting discussion, thank you for joining us with your thoughts today. >> i think there have been wireless patents for 70 years. >> i know, what were they doing with them? >> the dow starting to inch higher again. >> facing gravity, does facebook's record low create a huge buying opportunity? next. >> also, live to jackson hole where we will discuss what's really changed now that
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bernanke's peach speech is a done deal. which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch.
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so as the labor day weekend kicks off, some people may be in for a little sticker shock. >> i'm story to break it to all of the drivers out there, but it is the truth and it's not a huge surprise. gas prices at the pump have gained 31 cents.
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that's up 9% and that's adding to a 5% increase from the month before. just about every week there was something that caused those to come higher. but the good news is it is a labor day wekt. we should see some relate at the pump very soon. >> thank you, court. >> meantime, no relief for facebook shares, hitting another new low and now down 52% since the ipo. where can they start to find a floor here? that's what we're going to aurn here in talking numbers. i have greg chartoli. andbrian wee
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if you look at where key resistance is now, it's right around this 21 moving average line. and technically, i look at this chart, and i have no reason technically to buy it except for the fact that everyone on the globe is bearish and sometimes that can give a pop to the market of a couple of bucks -- >> not everybody is bearish. brian, you have a buy on this, but how long have you had a buy, are you riding this thing down or what? >> i start with the time of the ipo. we upgrade it in june when they could add to the growth of the top line. >> would you buy it again at this level here? >> well, it's really risky right now because of the share overhang, and this is going to be a problem. you want to talk technicals, 1.2 billion more shares coming on to the market, they don't
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demonstrate to the market that they're seeing incremental growth. >> i would probably only buy if we close on a daily basis above $20.10. if you do that, you could see a bit of a pop up to this gab that goes back to jug, and that's around the $25 region. if you bottom pick it, it could be dangerous. >> brine, what will it take for investors to be more confident in this stock? >> i think the country needs to come out with better metrics, and there really isn't a good understanding of the fact that the new products are exchanged, mobile sizing, and they're adding hundreds of millions of
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incremental dollars. that has not been well communitied at this time. >> adulthood to see you all, thank you for joining us today. michelle. we have the traditional friday woop woop coming up. >> we do? i'm excited for that. we have about 33 minutes before the "closing bell," never might policy makers say, what will pull the trigger on more economic stimulus next month, we'll go live to jackson hoel for analysis next. later, will trading volume pick up after labor day? what will that do to your portfolio. keep it right here. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily.
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let's go to seema mody who has a market flash. >> that's right, it's being said that amazon will have a smaller
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tablet. these are the details we have right now. this is the wall street journal reporting that amazon is developing this advertising sported tablet. when i have more details, i'll come back. >> bill griffeth is not surprised. we have been talking about this for a couple days. >> will they or whether or not they bailout the economy. that's the question everybody was asking about the fed. >> but did investors really get what they were after? let's go to jackson hole. steve leisman talk to many of the attendees. steve, our joke was what was more confusing, ben bernanke's speech or clint eastwood. >> i only saw a little bit on youtube the next day. i'm not sure ber knack key was that confusing. if you thought they were going
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to tell us the amount, date, and the hour of additional easing you would be disappointed. if it was the ecb meeting, and by the fact that the data is in the middle here, not a clear past, then i think the speech makes sense. i think he has been in a bit of verbal intervention. making the markets believe it's coming, and when the time is right, they will have more. >> carl, you weren't confused, were you? >> no, but looking at my screens i have the perception that maybe there was misunderstanding from the markets. it seems like they were rationing back their expectations that the fed would quit.
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ben bernanke does not make such a commitment. he does not commit to the it. my sense is that this t is thinly traded markets, but i think there is expectation now that he will do qe at the september meeting and i don't think that was the signal he intended to send. >> why was it necessary for him to spend so much time reviewing five years of monetary policy. was that a performance review, was he thinking about his legacy, what was that all about? >> i think it's necessary to think about the background of jackson hole. if you spent the morning listening to some of the leading academic, and you need a few cups of coffee for that, but i think the key is that he is
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going back and really depending policy and bill, i think in your question is inside the history, is there a future policy forecast, and i think there is i think he wants to make the case if he wants to do more, then five years of this policy has been effective. >> is there more in there about defending himself when we hear potential presidential nominees saying they wouldn't necessarily rehire him. >> i think that was definitely part of it. he was toting the qe track record and trying to make the case that quantitative easing and twist were effective programs and they continue to be effective. so for the camp that says well the fed ran out of options or ammunition, he was trying to run contrary to that. >> did he go into political waters when he said the fed helped create jobs that didn't
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exist. how does president obama feel about ben bernanke saying he is the one that created 2 million jobs? >> it's an interesting comment. i don't know that it does a whole lot inadvertently. i think he wants the public to understand and appreciate what he thinks is policy. did he put himself up against obama -- i think the president has, in the past, conceded they have gotten help from the federal reserve. >> don't you think he was stuck when he said he would have appointed someone else? this is a guy that wants to keep this job and he is proving why he should be able to, don't you think, steve? i do, and there's a little bit of scuttle in the highway about
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the economic advisor supporting bernanke as have other members of the economic team of romney, and the idea that license has been one of the most joust spoken critics. at the end of the day, i think bernanke is focused on monetary policy, and i think it's curious to him that the things he thinks are part of the solution are turned around and part of the problem. >> gentleman, thank you both. steve, good job this week. nice to see you. >> about 24 minutes before the closing bell, the dow jones up 74, it's stuck in the mid70s. the nasdaq higher by 15. >> are investors ready to come back and invest? we're going to look at how you get set for a historically tough month for stocks. >> brick and mortar stores may
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just before the break as part of the dive den, we asked which hotel company's stock has risen the most this year. now the payoff, marriott which increased about 28% year to date. and the nasdaq composite is looking to wrap up it's best monthly gain. jackie d has the details for us. >> hanging on to modest gains here. just want to point out some of the big movers on the day. the symptom is up more than 2%
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on it's partnership with idt to make kpip sets for it's wireless charging. this is one of the company that's will be on the city technology conference. also watching shares of splunk today. the revenue, the analyst expectation, they also raze the sales guidance. it's zynga losing two more executives earlier this week and month. not great news for zynga. have a great weekend. >> you too, jackie. about 19 minutes before the closing bell. time for a quick mark stat check. right now the nasdaq higher. the markets taking some comfort from fed chairman ber knack key saying they remain ready to
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boost the economy if need be. since 1928, the day before labor day, the s&p has closed above. what about september? it's usually a very bad month for stocks. with us today is steven gall ger, we have cnbc contributor from destination wealth management, and bob pisani. we'll see if it's going to make a difference in your portfolios, bob, most people expect some kind of fall in the market since september, october, pisani say it's all the time. they said there would be some kind of correction. you say no 20% drop and it's because of bernanke. that's right, we talked about it earlier.
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they came out with a drop call. i said i don't think that will happen. it could drop 10%, perhaps, if you look at the each today, he flat out said that the wealth effect is occurring. >> i agree, i think what we heard from the fed they will continue to flushing the market. keep mod and float in the market. at lot of other bad news, and the fed is there oring a safety net for the market. >> what if the job's number is better than expected. housing market seems to be repairing, doesn't that take the fed off of the table? >> yes, but it's a win win.
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the economy is so good -- the market is going to soar on that fact. >> 4.7% isn't that much better. >> you don't think it's not bad enough or not good enough, and you don't get any quite definitive out of the fed? >> it's not a best case scenario. 1.7% gdp is horrible, it's half of what it typically looks like. if we have a 1.7 gdp, sign a contract and say 1.7 gdp for the next two or three years, markets would go through the roof because there is still a contingent thinks there is a recession or the a collapse in europe. i think it's possible. but i don't think that's likely. >> i don't think bernanke is
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sief satisfied with the status quo. if we stay here, bernanke is going to try to fig out ways to stimulate. >> in the meantime, we sit here with really, not record low volume, but just an anemic market that few people want to trade because of all of the indecision. right, a couple comments, share volume social security at a four year low. that's four years of volume. you see the trend is to the downside. everybody promotes this, but if you look at the dollar fall, it's about the same as it was four years ago because the average share price is up. it's now about $70. so dollar, the amount of dollar trading going on, is roughly the
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same. everybody talks about share volume. on the volume issue, the thing that is important to recognize, is most individual investors have not participated in this rally. we see people that come all the time that have been sitting in cash because they were frightenned. i don't blame them at all, but if you don't invest in a way to capture opportunities, even if you're conservative, you can have dividend and growth assets. >> but you haven't lost all that much in cash, right? we don't have horrendous -- >> you've lost a fortune. if you were in cash in 2009 compared to equities in 2009, you're so under water you'll never catch up. but people are not thinking about what they have had,
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they're thinking about what they don't louisiana. >> steven, how do you make money? you stay in the equity market and you stay in higher yielding corporate bonds. i think there is one that continues to do well in this environment. i think the market, cyclicals, energy, that's done well in august, continues to do well. >> michael, thank you for joining us, bob, we'll be checking back with you as well. heading towards the close with 13 minutes left. can you believe summer is almost over already. tomorrow is september? >> no. >> yes. >> yes it is, actually, you're right. >> plus, forget about fries with th that burger, how about better paying jobs.
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let's get over to seema mody at the market flash desk. >> big news, a prostate cancer drug winning the fda backing. it comes three months early. the overall survival and shares up better than 5% on average. ann list expect this drug to be a $1.5 billion drug by 2014. back to you, bill. >> thank you very much, here we are, last day of the traditional summer season. feels like we had a good summer for the markets, right? let's see, here is what the dow did with a gain of 5%. it should be -- >> yeah, no. this is not a three month chart,
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it's a four month chart. that includes the may sell off there. but if you go back to that little dip in june, it looks pretty good. >> that's right, and yields came down with a ten year yield. there it is and there it went. >> it's at 1.5%. it dropped 10% yeeields of the n year. now, this is very interesting, some of the commodity prices, inflation is creeping in. >> i know you hate that. >> i do, who looks it? who like it's? >> but it bothers you more than most. >> gold also very strong gains especially late in the summer here, up 7.5%. >> now, what were the best performing stocks in the summer time in the s&p 500? here we go, no clear trend that i can see, sprint was the best performer, constellation brands,
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tesoro. >> howing, telephones, and liquor. >> so a house party. >> i'm sure prized apple is not on there, but i think they're gains were earlier in the year. >> no clear trend here. natural resources went down, they had a good gain up to that point, and chipotle which was a steler performer through much of last year, struggling during the summer time. >> you remember the ipo? through the roof? >> and didn't look back. >> down this summer time. >> interesting, we'll take a break and come back with the closing count down. >> after the bell, will wall street support of republicans backfire if mitt romney wins the presidential race. also, if you're looking to get out this weekend, can get moving. why it could be a busy travel weekend for millions of folks. [ male announcer ] let's level the playing field.
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close. talk about indecision. the dollar is in response to ben bernanke's speech today. if you expect the fed to lower rates, that's what's happened today here with a deline of half a percent on the dollar index for this day. look at the indecision for the dow, especially, and we're just seeing again more volatility here. here was when bernanke started speaking, they could not make out what to make of it. we are going up. now we're up 117. as we go to the lose here. real indecision there and the yield on the ten year intraday similar volatility here. we're going down to 1.55%. and we showed you all summer the yields have been coming down here. for the month as we close out the month of august, a good month overall for the dow with a gain for the month to 13,117.
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we have bounced off of that level there, and for the ten year, the yield down to 1.55% up 5. % in that month. we're below 1.5% as we begin month of august. steven gallager a happy birthday, but he may not have time to separate. >> thursday is a very big day. draghi will be telling us about the future bond buying program for the ecb. it's one of the biggest risks. i think the u.s. economic situation is okay, fiscal cliff is still out, but year is a big question mark. now we're going to hear those devil in the detail moments.
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we will hear about what conditions are going to be places on the purchases, and we're going to have a few disappointments. on any given day we will suffer some disappointments. >> allen, we have very important bench markets coming up here. now that we have the bernanke speech out of the way, the focus is on europe, right? >> yes, look at the euro, 126, and pressure on the dollar. i agree with steve, i think europe will take front and center stage. >> so what are your expectations for september? >> i think we'll see a lot of volatility. it has been with us for the last two years. i think it will stay as we get close to the financial cliff and europe comes back into play. >> thank you both, steven, thanks for joining us here today. that will do it, we're going out on pretty strongai

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